Jacksonville, Florida

2017 Market Overview

Jacksonville, Florida

Market Overview

Metro Population:

1.5 M

Median Household Income:

$48,000

Unemployment Rate:

4.60%

Median Home Price*:

$113,300

Median Monthly Rent*:

$1,045

Estimated Monthly Cash Flow:

(after expenses without financing)

$693

Located on the eastern coast of Florida, Jacksonville lines both banks of the St. Johns River – the longest river in Florida and also one of only two rivers in North America that flows north instead of south.
In the past 10 years, the Jacksonville metro area has grown by a whopping 20%. To date, there are 1.3 million people living in this area and more continue to come every year. In fact, Jacksonville’s population has been steadily increasing at a rate of 2% per year, and its workforce is expanding at twice the national average.
There are many factors that explain this growth. Firstly, Jacksonville is the only Florida city that is home to four Fortune 500 companies. The region also has a world-class health care system, with more than 20 hospitals and a growing bioscience community. Additionally, 13 of Forbes Global 500 have operations in Jacksonville.
With a cost of living below the national average, wonderful climate and business-friendly environment, we believe Jacksonville is one of the best real estate markets in the country.
More To Love About Jacksonville

The population in Jacksonville has grown 24.1% in population since 2000, which is higher than Miami’s 16.4% and Tampa’s 19.8%.

Future job growth in Jacksonville is predicted to be 39.21% over the next 10 years.

In Jacksonville, the median home price is about $153,400, which is 23% less than the national average.

A typical $100,000 home will rent for 20.31% more than the national average.

The expansion of the Panama Canal is helping to bring jobs into the Jacksonville area ports, which is likely to lead to even more population growth.

The Jacksonville metro also has a world-class health care system with more than 20 hospitals and a growing bio-science community.

Why Invest Here?

With a cost of living that’s well below the national average, a wonderful climate, and a business-friendly environment, Jacksonville is one of the strongest real estate markets today. This is especially true for investors interested in affordability, strong monthly cash flow, and long-term economic stability

Trends

Jacksonville Trends & Statistics 2017-2018

In this section, you’ll learn about the top factors that make Jacksonville one of the strongest real estate markets of 2017, including: affordability, rental income and cash flow, and equity growth potential. Explore Jacksonville’s housing market, population, and employment trends in the tabs to learn more.

Jacksonville real estate prices are more affordable than many other U.S. cities today

In January 2017, the median price of three bedroom homes in Jacksonville was $154,000. This is 21% lower than the national average of $187,000.

In the Jacksonville neighborhoods where Real Wealth Network members invest, the median price of 3 bedroom homes in January 2017 was $113,000. This is 18% lower than the national average of $187,000.

In some Jacksonville neighborhoods, it’s possible to generate strong monthly income

In January 2017, the median monthly rent of three bedroom homes in Jacksonville was $1,200, which is 0.78% of the median purchase price of $154,000. This is slightly higher than the national price-to-rent ratio of 0.74%.

In the neighborhoods where RWN members invest, the median monthly rent for three bedroom homes in January 2017 was $1,045, which is 0.92% of the $113,000 purchase price.

Bonus: In addition to affordable home prices and high monthly rents, Jacksonville also has no state income tax and one of the lowest property tax rates in the nation. These are all good indicators of a great cash flow opportunity.

Over the last five years, Jacksonville home values have appreciated at a faster rate than other cities across the nation

In January 2012, the median price of three bedroom homes in Jacksonville was $111,000.

In the past five years (Jan. 2012 to Jan. 2017), three 3 bedroom homes in Jacksonville have appreciated by 39%.

During the same five-year period, three bedroom home values increased by only 29% nationwide.

Over the last five years, the median monthly rent for three bedroom homes has increased by 12%, which is just slightly slower than the national average

Between January 2012 and January 2017, the average rent for three bedroom homes in Jacksonville increased by more than 12%. This is a slightly lower rate than the 14% national rate during this period.

Bonus Fact: The data above shows us that Jacksonville is still an affordable place for buyers and renters but it probably won’t stay this affordable for long. If the population continues to grow rapidly — which seems likely (see Population Trends tab) — it’s only a matter of time before demand overtakes supply, driving up home values and rents. And this is good news for real estate investors today.

Jacksonville’s population is growing more than twice as fast as the national average

Between January 2010 and 2016, Jacksonville’s population increased by just under 9.57%. This is more than double the national average of 4.45% during the same period.

This shows us that the demand for housing should continue to rise in Jacksonville. More people equals more renters and more buyers. More renters and more buyers leads to higher rents and home values.

Jacksonville is creating jobs at a faster rate than other cities in the United States today

Between December 2015 and December 2016, Jacksonville created almost 20,000 jobs — an annual growth rate of 3.0%. This is higher than the U.S. annual job growth rate of 2.31%.

The industries with the most job growth in the Jacksonville area over the year were professional and business services, adding 6,100 new jobs, and education/health services, which added 5,600 new jobs.

The Jacksonville area also had 18,430 openings, including 4,973 openings for high-skill, high-wage STEM occupations.

In recent news, Amazon is adding a second fulfillment center in the city, which is expected to add more than 1,000 new jobs.

This data shows that JAX is experiencing faster job growth than most other U.S. cities today. Furthermore, it’s likely this trend will continue as people and businesses continue moving to the area for its year-round sunshine, open space, and low taxes (zero income tax and a flat corporate tax rate of only 5.5%).

Jacksonville is Affordable

Property values in Jacksonville are more affordable than many other U.S. cities today. This is especially true in the neighborhoods where RWN members are investing.

In the Jacksonville neighborhoods where RWN members invest, in January 2017, the median price of three bedroom homes was $113,000. This is 18% lower than the national average of $187,000.

Jacksonville stands out from these other markets because it also offers great cash flow and a strong potential for future equity growth.

JAX is Great for Cash Flow

Jacksonville metro area offers investors the opportunity to generate more rental income than many other U.S. cities today, especially in the areas where RWN members invest.

In January 2017, in the neighborhoods where RWN members invest, the median monthly rent for three bedroom homes was $1,045, which is 0.92% of the $113,000 purchase price.

Jacksonville also has lower taxes than most of the country — zero income tax and a flat corporate tax rate of only 5.5% — which are positive factors in creating a strong cash flow opportunity.

Jacksonville is Growing Quickly

Between January 2010 and January 2015, Jacksonville’s population increased by just under 8%.

Between December 2015 and December 2016, Jacksonville created almost 20,000 jobs, an annual growth rate of 3.0%.
JAX is experiencing faster population and job growth than most other U.S. markets today. It’s likely this trend will continue as both people and businesses continue moving to the area for its year-round sunshine, open space, and lower cost of living.

Jacksonville Equity Growth is Likely

In the last five years, three bedroom homes in Jacksonville have appreciated by 39%, versus 29% nationwide.

Between January 2012 and January 2017, the average rent for three bedroom homes in Jacksonville increased by more than 12%. This is a slightly lower increase than the national average of 14% during the same five-year period.

While Jacksonville home values are still below their pre-recession peaks, it most likely won’t stay this affordable for long. If the population continues to grow rapidly (which seems likely), it’s only a matter of time before demand overtakes supply, driving up home values and rents.

Member Relations

Mariah Ferries

With a 5 year background in providing excellent customer service experiences, Mariah brings her skill and passion to Real Wealth Network as your member concierge. When she isn’t working to help meet your needs with RWN, you’ll likely find Mariah consumed in a good book, finding the next trail to run, or spending time with her friends and family.

Best Market Help

Welcome to the Jacksonville Best Market page. Here you will find an overview, statistics, trends, and articles about each market. If you are a Real Wealth Network Member, you’ll also be able to view related webinars, articles, and example properties. Once you’ve had a strategy session, you can view the contact information for the Jacksonville property team.

Member Relations

Mariah Ferries

With a 5 year background in providing excellent customer service experiences, Mariah brings her skill and passion to Real Wealth Network as your member concierge. When she isn’t working to help meet your needs with RWN, you’ll likely find Mariah consumed in a good book, finding the next trail to run, or spending time with her friends and family.

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Established

39,120

Number of Members

$573M

Total Value of Assets Acquired by RWN Members

642

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Real Wealth Network, LLC is an educational company and is not acting as a real estate broker. Always seek the services of licensed third party appraisers and inspectors to verify the value and condition of any property you intend to purchase. Never send funds directly to a seller but instead, use the services of professional title and escrow companies.

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